ste_p23
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Registered: 29th Dec 08
Location: Hindley,Wigan
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Just looking for a quick bit of advice really, im just wondering if in this day and age you can still have a large split ownership over a house?
Basically me and a good friend want to buy a house in the region of 50-60K that needs some work and modernise it and both live there as we both feel its time to get out on our own feet.
Between us we have a large amount to put down as a deposit i have approx 25K and she has around 15k.
We have been told by numerous banks that we should be accepted for a joint mortage as we both earn enough to cover the shortfall.
The question im wondering is beacuse im fronting an extra 10k in my deposit figure is it legally allowed that i own say 60% of the house and she owns 40% as my deposit is larger?
Im a newbie to the old housing game so any help would be ace 
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daymoon
Premium Member
Registered: 1st Aug 08
Location: Selby, North Yorkshire
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I would have thought so. Best ring solicitors and ask though.
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RichR
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Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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Yes in theory but I would have a contract drawn up between the two of you to say that in the event of a sale; you get back £25k to her £15k and then any growth or fall is split evenly between you. Assuming post purchase everything remains 50/50 between you; renovation costs, loan/mortgage repayments, amount fo work. I think this would be the fairest route
If you sold it for say £100k making £40k profit assuming all loans were paid off, You would get £25k back, She would get £15k back and you would split the remaining capital at £30k each
Plus, if you can put down £40k on a £60k property, I'd personally take out a fixed £20k loan rather than a mortgage
[Edited on 14-04-2011 by LiVe LeE]
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spencer88
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Registered: 6th Oct 08
Location: cornwall
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You should then also be paying 60% of the mortgage.
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ste_p23
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Registered: 29th Dec 08
Location: Hindley,Wigan
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Cheers Rich 
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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Yes but it all comes down to what the contract between the two of you say. It would have to be very specific about who pays how much deposit. Who pays how much of the mortage. Who gets how much of the profits / burdens the loss etc etc
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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or just put the same in and up the loan amount to keep everything 50/50 from the off
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ste_p23
Member
Registered: 29th Dec 08
Location: Hindley,Wigan
User status: Offline
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quote:
Originally posted by LiVe LeE
or just put the same in and up the loan amount to keep everything 50/50 from the off
May just do that but i will see what my solicitor says
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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I'd keep it simple, straight down the middle. Removes any confussion over how much you both contribute to the mortgage and how much you're both entitled to if/when one of you decides to sell!
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